‘Investor facilitation will boost production’

LAHORE:

The government is fully committed to providing best possible package of incentives to the foreign and local investors in Pakistan, said Adviser to Prime Minister on Commerce Abdul Razak Dawood.

During his visit to the Faisalabad Industrial Estate Development and Management Company (FIEDMC) on Saturday, he hoped that facilitation of investors would boost industrial production, strengthen the national economy and improve living conditions of the lower segment.

Dawood also reviewed progress on the Allama Iqbal Industrial City, the first mega project of Punjab under the China-Pakistan Economic Corridor (CPEC).

Briefing the adviser on the occasion, FIEDMC Chairman Mian Kashif Ashfaq said that work on the Allama Iqbal Industrial City was being executed on a fast-track basis on directives of Prime Minister Imran Khan.

“The prerequisites for new industrial units such as gas, power and water facilities and basic infrastructure have been fulfilled,” he said.

He informed the adviser that nearly 20 industrial units have started production at the Allama Iqbal Industrial City and they cover one-third land of the first phase of the project.

The remaining units would go into operation by the end of year, he said.

“Prime Minister Imran Khan has ordered to minimise the time taken for allotment of industrial plots for foreign and local investors,” Ashfaq recalled. “Besides, he also asked to facilitate all investors through the one window operation.”

He said that the Allama Iqbal Industrial City spreads over an area of 3,300 acres and work was being fast tracked.

The CEO highlighted that the project includes furniture city, an apparel park, modern business centre and a large expo centre for displaying made in Pakistan products to attract local and foreign buyers.

Read Saudi investors offered ‘conducive atmosphere’

Citing figures, Ashfaq remarked that Rs7.5 billion have been spent so far on the completion of first phase of the industrial city.

“In line with the transparent policy of Punjab Chief Minister Usman Buzdar, industrial plots are being allotted to the export-oriented and imports substitution industries and for relocation of local industries,” he said.

In a separate meeting with Punjab Industries and Commerce Minister Mian Aslam Iqbal, Dawood emphasised to expedite colonisation of industrial zones and initiate action against those who were delaying installation of units in their plots situated in the industrial zones.

The meeting discussed issues related to establishment of the industrial estate and expo centre in Sialkot and construction of interchange on M-2 Motorway to link Quaid-e-Azam Business Park Sheikhupura.

Moreover problems associated to income tax refund of Punjab Industrial Estate Development and Management Company (PIEDMC) and gas and power supply to the industrial zones were also discussed.

Dawood said the federal government would extend all possible facilities to expedite colonisation process in the industrial estates.

He stressed that the Board of Investment and the Punjab Board of Investment and Trade should jointly draft a plan to provide one-window service facility to industrialists.

The adviser further appreciated efforts of Punjab government in steering the ease of doing business in the province.

Speaking on the occasion, Iqbal underlined the need for joint efforts of provincial and federal governments to achieve targets set by Prime Minister Imran Khan. He considered it necessary to establish expo centres at every divisional headquarters.

[With additional input by our correspondent]

Published in The Express Tribune, August 8^th, 2021.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.